Reynolds American net income up on higher prices

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Reynolds American net income up on higher prices

RICHMOND, Va. — Reynolds American says its second-quarter net income grew more than 35 percent as higher prices and cost-cutting helped offset a decline in the number of cigarettes it sold.

The nation’s second-biggest tobacco company reported net income of $443 million, or 78 cents per share, for the period ended June 30. That’s up from $327 million, or 56 cents per share, a year ago.Adjusted earnings were 79 cents per share, beating analysts’ expectations of 76 cents per share.